In 2024, there are several ways to earn cryptocurrency on Binance beyond traditional trading. Here are the top 4 methods:
1. Staking
Staking involves locking up your cryptocurrency to support a blockchain network's operations (like validating transactions). In return, you earn staking rewards. Binance offers staking for a variety of assets, such as Ethereum 2.0, BNB, and other supported coins, with flexible or fixed staking options. Rewards can range from a few percent to double digits, depending on the coin and staking duration.
2. Binance Earn (Savings and Fixed Deposits)
Binance Earn provides various ways to earn passive income on your crypto holdings:
Flexible Savings: Lend out your crypto for a flexible period and earn interest. You can withdraw your crypto anytime.
Locked Savings: Commit your crypto for a fixed period, typically offering higher interest rates than flexible savings.
Launchpool: Earn new tokens by participating in Binance’s Launchpool, where you can stake BNB or other tokens to receive newly issued coins.
3. Liquidity Farming (DeFi)
Liquidity farming allows you to provide liquidity to decentralized finance (DeFi) protocols. Binance offers a feature known as Binance Liquid Swap, where you can deposit liquidity into various pools (such as BNB/USDT) and earn fees from trades that happen within those pools. You also get additional rewards depending on the pool you join.
4. Binance Smart Pool (Mining)
Binance also offers a Smart Pool service for miners, which automatically switches between different coins to maximize mining profitability. Instead of sticking with one cryptocurrency, Binance Smart Pool helps you mine the most profitable coin at any given time, and your rewards are paid out in the chosen cryptocurrency. This service is available for users with mining equipment and can be a way to earn crypto without trading directly.
These methods offer diversified ways to earn crypto on Binance.
